I am looking forward to seeing what this next letter brings. Hopefully there will be some mention of the house. I don't like wishing time away but if they are true to their word the end of January can't come soon enough.

Registered User

Hi
I also received the same letter and a cheque after years of worry, would you or anybody have an idea how they based this initial payment percentage wise of the overall payment they are going to give us at the end of January.i also want to wish all still waiting on news the best of luck on there on going battle.

Registered User

Hi Snowman,
Congratulations, I am absolutely delighted for you. Unfortunately I am unable to answer your question but I have thought about it numerous times. My letter stated that they weren't yet in a position to calculate my full redress and compensation so I can't figure how they decided what figure to put on the initial cheque.

Registered User

Hi apologies for joining in late but I just received my phone call from Kbc today . My tracker was taken in 2010, just wondering what sort of a figure Kbc are going to give for compensation , I have no idea , pm me if you could give me a ball park figure would really appreciate it

Frequent Poster

Hi @Aisling1 - I believe it will be between 10% and 15% of the overpayment. So if you overpaid €40,000 you could expect that back plus around €5,000 and around €1,000 towards professional advice. I don't think it's anywhere near enough but it seems the banks and CB have settled around this figure.

Founder

First of all they will refund the overcharge which is the difference between what you paid and what you should have been charged. Without knowing the size of your mortgage, it's impossible to estimate this. Very, very, roughly, I would estimate it at about 10% of your mortgage. So if you had a mortgage of €200k, it would be around €20k.

Secondly, they will give you back your tracker, which will reduce the interest charged into the future.

Thirdly, they will give you compensation of around 10% of refund - so in the above case - a further €2k.

Frequent Poster

Hi apologies for joining in late but I just received my phone call from Kbc today . My tracker was taken in 2010, just wondering what sort of a figure Kbc are going to give for compensation , I have no idea , pm me if you could give me a ball park figure would really appreciate it

My own workings took a 100k mortgage @ av 2.5% tracker V SVR at average 4.5% from 2010 to early 2013 and 1.7% V SVR 4.3% early 2013 to date (figures are purposely higher/lower to ensure a minimum figure is worked out) and this suggests that about €1400/€100,000 mortgage was overpaid from 2009-2013 and approx €1700/year per €100,000 was overpaid from early 2013 to date.

So per €100k over 30 year from say Feb 2010 had a overpayment of about €12,500 to date. So for a 250k mortgage, multiply the 12500 by 2.5. 350k multiply by 3.5 etc

Its ballpark, but it won't be far out.

What is very interesting about all this is the amount of interest that accrues on a mortgage and how a difference in interest rates adds up to a very substantial amount over the years - yet so many people (including myself) don't / didn't get professional advice on a mortgage. Possibly brokers could have a new service of annual/biennial review of a mortgage to see that their client has best rate available?

Frequent Poster

Any word from kbc to thoes costumers notified in december, Mauritius, eilish, snowman, aisling?
They had said they would be in touch before the end of January. Here we are the last day be nice to think kbc would stick to their word.

Registered User

Any word from kbc to thoes costumers notified in december, Mauritius, eilish, snowman, aisling?
They had said they would be in touch before the end of January. Here we are the last day be nice to think kbc would stick to their word.

Registered User

Registered User

Hi
I phoned this morning to be told that there was an update on my account but that the tracker team couldn’t see what it was but that they where posting the follow up letters today to the 31st of Jan people and then they could see on screen what the update was I’m mystified.

Frequent Poster

Hi
I phoned this morning to be told that there was an update on my account but that the tracker team couldn’t see what it was but that they where posting the follow up letters today to the 31st of Jan people and then they could see on screen what the update was I’m mystified.

Frequent Poster

Morning @Lightening@Snowman@DamC82@Brendan Burgess@peemac@Gavin77 - I have just received my follow up letter from KBC (dated 26th Jan) with complete financial breakdown of the overpayments and a further two cheques. What I can say is that one of the cheques - the €650 for 'contribution towards' independent advice - seems very low. And the timeline value they have put for the money over the entire period - at around €700 total - also seems low. But the compensation is quite high and all in all it's great to have this concluded. Anyone who would like further details can contact me privately.